USD/JPY: Overseas risks warrant current policy: BoJ’s April meeting summary


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.41% against the JPY and closed at 113.72.

In the Asian session, at GMT0300, the pair is trading at 113.78, with the USD trading a tad higher against the JPY from yesterday’s close.

A summary of opinions from the Bank of Japan’s (BoJ) April meeting showed that board members agreed on maintaining the central bank’s current accommodative policy due to downside risks from overseas. Further, they decided that as Japan’s exports and production were showing positive signs, it was appropriate to raise the nation’s economic assessment.

The pair is expected to find support at 113.18, and a fall through could take it to the next support level of 112.58. The pair is expected to find its first resistance at 114.35, and a rise through could take it to the next resistance level of 114.92.

Moving ahead, Japan’s trade balance figures for March and Eco-watchers survey for April, slated to release tomorrow, will be on investors’ radar.

The currency pair is trading between its 20 Hr and 50 Hr moving averages.

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